The ninth round of U.S. - EU trade talks takes place this week in New York with the clock ticking. Both sides want a Transatlantic Trade and Investment Partnership agreement, or TTIP, before the US election campaign heats up and complicates the process.
GFX: ``TTIP boost: estm 150bn euros´´ (arrow up)
A TTIP that tears down trade barriers would give a needed boost to a European economy heavily dependent on exports for growth.
GFX: ``36 million EU jobs tied to global trade´´
And helping Europe´s company´s grow, in particular SME's, means more jobs beyond the millions already linked to foreign trade.
GFX: European manufacturing European shoppers
It´s a win-win proposition for everybody: competitive EU companies can sell more products, hire more employees and usually pay higher salaries. At the same time, consumers benefit from a cheaper and wider range of goods and services.
GFX: Company office, paperwork Workers
Moreover, TTIP aims to cut unnecessary regulatory duplication which cost businesses and, ultimately consumers, money. And without lowering environmental, labour or consumer standards.
GFX: EU-US trade: 54% of global trade (e.g. pie graph superimposed on port ships)
A TTIP agreement would create a trade area making up more than half of all global trade.
Milan beauty shot
That´s why the EPP Group wants to accelerate negotiations with strategic partners like the US, without compromising on health and consumer safety. But it is a complex endeavour, thus the protracted talks. The Group will discuss its policy position on the transatlantic dimension on Trade in Milan at the end of the week.
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